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  • Non-concessional MIT income – item 32

    In this section

    Business income

    In this section

    Primary production

    Non-concessional MIT income (NCMI)

    Print at label A the total NCMI amount in relation to primary production income, for example, income attributable to agricultural land held for rent.

    Excluded from NCMI

    Print at label B the total excluded from NCMI amount in relation to primary production income, that is, income from transitional arrangements or approved economic infrastructure facilities.

    Amounts shown at label A and B must be shown at item 5 Business income and expenses – label G Primary production: Other business income.

    Non-primary production

    Non-concessional MIT income (NCMI)

    Print at label C, the total NCMI amount in relation to non-primary production income, that is, cross staple income, trading trust income and residential housing income.

    Excluded from NCMI

    Print at label D the total excluded from NCMI amount in relation to non-primary production income, that is, income from transitional arrangements or approved economic infrastructure facilities.

    Amounts shown at label C and D must be shown at item 5 Business income and expenses – label H Non-primary production: Other business income.

    Partnership and trusts

    In this section

    Primary production

    Non-concessional MIT income (NCMI)

    Print at label E the total NCMI amount distributed from partnerships categorised as primary production income.

    Excluded from NCMI

    Print at label F the total Excluded from NCMI amount distributed from partnerships categorised as primary production income.

    Amounts shown at label E and F must be shown at item 8 Partnerships and trusts – label A Distribution from partnerships.

    Non-concessional MIT income (NCMI)

    Print at label G the total NCMI amount distributed from a trust categorised as primary production income.

    Excluded from NCMI

    Print at label H the total Excluded from NCMI amount distributed from trusts categorised as primary production income.

    Amounts shown at label G and H must be shown at item 8 Partnerships and trusts – label Z Share of net income from trusts.

    Non-primary production

    Non-concessional MIT income (NCMI)

    Print at label I, the total NCMI amount distributed from partnerships categorised as non-primary production.

    Excluded from NCMI

    Print at label J the total Excluded from NCMI amount distributed from partnerships categorised as non-primary production.

    Amounts shown at label I and J must be shown at item 8 Partnerships and trustsB Distribution from partnerships, less foreign income.

    Non-concessional MIT income (NCMI)

    Print at label K the total NCMI amount distributed from trusts categorised as non-primary production.

    Excluded from NCMI

    Print at label L the total Excluded from NCMI amount distributed from trusts categorised as non-primary production.

    Amounts shown at label K and L must be shown at item 8 Partnerships and trusts – label R Share of net income from trusts, less capital gains, foreign income and franked distributions.

    Capital gains

    Non-concessional MIT income (NCMI)

    Print at label X the aggregate amount of all capital gains which are included in the assessable income of a MIT as NCMI.

    Excluded from NCMI

    Print at label Z the aggregate amount of all capital gains categorised as Excluded from NCMI.

    The amounts shown at label X and Z must be included in the calculation of the amount at item 21 Capital gains – label A Net capital gain.

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    Last modified: 26 May 2022QC 68031